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Author Topic: [Cryptostocks]FIREMINE another listing that seems to have taken 5 min to make  (Read 2769 times)
thy
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February 18, 2014, 06:13:30 AM
 #1

FIREMINE is listed at Cryptostocks: https://cryptostocks.com/securities/96

Owner   info@altswap.com Webpage https://docs.google.com/spreadsheet/ccc?key=0AoREEsmcBcZIdEMweWRnN2R6b01JQ1FISWF5MXJBQUE&usp=drive_web#gid=0
Breaks Cryptostocks rules that email have to match the webpage so CS should never have allowed the issuer to sell shares in it.

The same person is behind altswap to, https://cryptostocks.com/securities/80
Owner   info@altswap.com Web page   http://altswap.com

But it seems they diden't have the time or wasen't willing to make the effort to set up a new webpage for FIREMINE.


These statements don't match on FIREMINEs contract/listing:
=============================================
"Each time a round of shares have completed selling, the shareholder’s BTC will be combined and used to start powerful mining equipment. "
A round seems to be 1000 shares at 0.003 and shareholders will NOT get anything back unless shares equivalent to 3 btc is sold.

"Every day, dividends will be paid out to all shareholders that are currently holding a stake in the company."
Wrong, no dividend will then be paid if first round haven't been sold out according to the first statement they make so the above statement is a lie.

"This means that, the faster a round sells out, the more money each shareholder makes for being a part of the corporation."
Also incorrect, a more correct wording would be if at least one round is sold out shareholders will receive some money back.

"Shareholder money will be directly put towards new mining power on a daily basis. We have miners ready to set up, more being shipped, and others that can be quickly ordered and delivered."
Also a lie every day a whole batch is not sold out the investors money will not be put towards new mining power according to the previous statements.

If the company already have miners ready where is all the pictures on them when there set up and mining, thats the least one can expect from a company claiming to have the hardware already. No information what so ever on what hardware they claim to have and what hardware they claim to have being delivered to them and that they intend to quickly order in the future.

The company have also the IPOflag active so no buy or sell order is possible(except buy on there issuing price) so no liquidity for the people that buy into this(you will not be able to sell your investment if you already made the mistake and invested in this).
No information when(time periods/number of shares...) the IPO will be active or if it ever will be deactivated.

To sum it up a very high likely-hood this is a SCAM, so stay away and don't invest in it.
================================================================

As the same person also is behind altswap to, https://cryptostocks.com/securities/80
Owner   info@altswap.com Web page   http://altswap.com

and they started out that listing without a IPO flag but have then later set that option(and as far as i can see they forgot to announce that they set the IPO flag) they effectively hold previous investors money hostage as no liquidity is available now. Most likely altswap is a SCAM to then and the 7 319 stocks bought there for 0.005 for a total of 36.595 btc is most likely forever lost for the unlucky people who invested there and they will most likely never get there full investment in that stock back.

So recommendation would be to stay away from altswap to, the fact that they lock in shares that have previously been traded openly and without announcing it and not even offering to buy back outstanding shares is enough reason to avoid the share all together, even if you don't find there other behavior alarming.


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February 26, 2014, 11:35:53 PM
 #2

you were right, scammed !
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March 02, 2014, 06:32:06 AM
 #3

FIREMINE just opened up a vote on Cryptostocks: "Would you be in favor of setting the IPO to active again to eliminate the trading of undervalued shares?"

I would be interested to hear the definitions the FIREMINE owners have for "undervalued shares" and 'IPO". It appears that these are their working definitions:

undervalued share = a share priced below the price I am selling them at
and
IPO = the flag I want to set whenever I want to prevent buyers from getting out of their positions, regardless of how many days, weeks, or years ago the IPO ended

If the issuer is even considering doing this, I agree with Thy about this asset: investors should stay away from this listing!
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March 02, 2014, 07:50:03 PM
Last edit: March 02, 2014, 08:02:39 PM by thy
 #4

A lot of things looks very shady about this company lets take a look at the basic thing the mining and what they say about it.

"Revenue Sources:

Shareholder money will be directly put towards new mining power on a daily basis. We have miners ready to set up, more being shipped, and others that can be quickly ordered and delivered..."

This indicates that they should actually have some hardware and have more on the way and that they can order even more if needed so it should not be any overpriced cloudhashing GH they resell or buy in then.
and then we take a look at the numbers they have presented sofar.

                                                                                     share            Investors/Firemine
                            Mined    Payed out      Dividend     Sold    cost              invested BTC per GH/s   
Date     GH/s           BTC      BTC             per share   shares    BTC        current day        1 day behind         
18 Feb    8,8           0,0035   0,00315       0,0001125     28      0,84       0,095454545      0,068181818   
19 Feb   42,3           0,0168   0,01512      0,00008494   178     5,34       0,126241135      0,019858156   
20 Feb   112           0,0446   0,04014       0,00016317   246     7,38       0,065892857      0,047678571   
21 Feb   144           0,0573   0,05157       0,00008638   599     17,97      0,124791667      0,05125          
22 Feb   385           0,1252   0,11268       0,00016594   679     20,37      0,052909091      0,046675325   
23 Feb   415           0,1568   0,14112       0,00013767   1025   30,875    0,07439759        0,049084337
24 Feb   452           0,1541   0,13869       0                 1100   33,5       0,074115044      0,068307522  Not paid
25 Feb   452-900?   0,1492    0,13428       0                 2100   68,5       0,151548673      0,074115044 Not paid   
26 Feb   452-900?   ?0,15+   Not published 0                 5281   (179,835) 0,397865044      0,151548673   Not paid   
27 Feb   452-900?   0,1477   0,13429583   0,00002543   5281   (179,835) 0,397865044      0,397865044   paid 2 day late(1 Mars)
28 Feb   452-900?   0,1418   0,12758896   0,00002416   5281   (179,835) 0,397865044      0,397865044   paid 2 days late(2 Mars)
1   Mars  452-900?  ?0.15+            Not published                                                                              Not paid


The text in bold should be pretty accurate for what Firemine charged there shareholders for each GH/s(0.049-0.074 btc/ GH/s) mining power before they/cryptostocks got things totally messed up.

If you compare that to for example a KnC miner at 500-700GH/s for 5000-7000 usd delivered back in oct/nov(that should have paid off it's cost by now) but even if paid full cost it's 0,017-0,023 btc / GH/s or compare them with a cointerra IV delivered now at 1700 GH/s for 6000 usd then it's 0,0059 btc / GH/s so with there pricing of ASICmining GH's one just can't call FIREMINE anything else than a SCAM as FIREMINE charge 8 times more than current ASIC hardware cost.

The market on Ceo.io that is charging an increadibly high overprice for mining power was at around 0.024 btc / GH/s during this time so firemine has even charged 2-3 times more than there already inflated price.


"Shareholders will see mining stats on the Google Doc and be able to track exactly how much they are making each day. We will be continually adding more hashing power as more shares are released to even out the dividend payments and maximize shareholder profits!"

They removed the mining result that they already had published for the 24 and 25 feb and they haven't published the mining result for the 26 feb or the 1 mars and the payment for the mined btc for the 27-28 was 1-2 days late and the earnings for the 24-26 feb and 1 mars they haven't paid out at all.


So if you think about investing in BTC mining, comparing a couple of options then it could look something like this.
==================================================================================

1) Buy Firemine shares at cryptostocks at 0,03 btc per share(IPO price), get back 8-12% of what you invest if they don't run away with your money.

2) "Invest" in buying mining power at CEX.io and you will get around 25% back of what you invest if you buy and hold until the mining power is worth 0.00000000 btc per GH/s.

3) keep your btc and don't invest in any BTC mining equitment and you will have 100% of you investment left

4) Buy hardware from a serious ASICminer manufacturer that dont overcharge for there products then you may expect to get something like 50%-150% return based on when you invest, what you pay for it and what companys ASIC's you invest in.

So if you don't do very carefull calculations on your planned investment it's most likely better to not buy any btc mining shares or ASIC hardware at all, and whatever you do never ever "invest"/throw money away at cex.io or BFL(or anything even worse than them...).

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March 05, 2014, 08:48:07 AM
 #5

Really starting to lose confidence here in both altswap and firemine.  Recently noticed I was sending e-mails to exact same address in both cases.  Glad I've gotten burned so many times in the past, prevented me from putting too much into either one.

*This entire share transfer from FIREMINE to MINECO also appears to be bogus.  I currently have 4 shares of FIREMINE, can see the transfer tab, but am not given the option to actually transfer the shares and pay 0.01/fee/share

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March 05, 2014, 09:43:28 AM
 #6

I don't understand what is going on at Cryptostocks with FIREMINE and MINECO. I'm hoping that someone who maybe does understand this can explain it to me, if there actually is someone who understands this.

I understand that supposedly Altswap's CEO account got hacked, and someone sold a large number of shares at 0.000001 instead of 0.005. My understanding from reading the thread https://bitcointalk.org/index.php?topic=488669.20 is that apparently Altswap plans to sort of rectify it by issuing 5000 additional shares to each person who bought shares at the correct IPO price of 0.005.

What I don't understand is FIREMINE and MINECO. I have not read anywhere that anything similar happened to FIREMINE. So, I don't understand why FIREMINE would be affected by this at all.

FIREMINE posted the following announcement to their asset page on March 4:

"Due to the fact that Cryptostocks has not fixed their security glitches yet, we are being forced to change things a little bit for FireMine. This afternoon an upgrade option will be available to all shareholders of FireMine to upgrade their shares to another stock in an attempt to fix the price drop. Trading of FireMine shares will still continue but the dividends will be paid out to the upgraded stock."

What is the connection between the supposed Cryptostocks security glitch, and FIREMINE stopping paying dividends and asking investors who want to receive any dividends to pay a 0.01 upgrade fee to switch their shares to MINECO? If there actually is a security glitch, how does switching "FIREMINE" to "MINECO" do anything to improve security?

And if FIREMINE really wants investors to trade in or sell back their shares, why don't they post any kind of instructions for doing so? (not everyone chooses to disclose their email address with asset issuers, especially when the asset issuer seems sort of scammy)

And what about shareholders who bought FIREMINE who don't want to pay any additional money for the upgraded version of the mining stock? The FIREMINE contract states:


"Revenue Sources:

Shareholder money will be directly put towards new mining
power on a daily basis. We have miners ready to set up, more being shipped, and
others that can be quickly ordered and delivered. Shareholders will see mining
stats on the Google Doc and be able to track exactly how much they are making
each day. We will be continually adding more hashing power as more shares are
released to even out the dividend payments and maximize shareholder profits!

Share Structure:

As a shareholder of FireMine Corporation, you will be
entitled to your calculated percentage of revenue derived from mining. Your dividend
percentage will be determined by how many shares you own of FireMine
Corporation at the time of payout. Detailed stats can be found at the Google
Docs link listed at the beginning of this breakdown.

Shareholders: 90% of mining revenue
Operating Costs: 10% of mining revenue"

Based on the description, assuming that the company is still mining, it would appear to be a violation of the contract to arbitrarily stop paying dividends, whether it's because Cryptostocks has a 'security glitch' or the price of the mining company 'needs fixing'.

And can someone explain the part about 'fixing' the price drop? What evidence is there that the "correct" price is the new price set by MINECO of 0.05? I thought usually when a company's share price drops, it's a sign of a problem with the company, not that the price is 'wrong' and needs 'fixing'?

I've grown used to seeing strange things happening at Cryptostocks (forced buybacks a week after the IPO at less than the IPO price, assets like FIDOR where the real bank had absolutely no connection with or knowledge of the FIDOR asset on Cryptostocks, etc.). But I think this FIREMINE/MINECO situation is a new one for me.
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March 05, 2014, 01:02:00 PM
 #7

I don't even have the option to upgrade...

On the trade-in place it says 0 shares, even though I have 16 shares!

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March 05, 2014, 09:43:52 PM
 #8

I think is clear enough for everyone that this is is scam.

To upgrade you need to go on Projects page, then click on "My Shares" tab and you will see the option at FIREMINE, but you can't really upgrade.

Now I'm getting: Project owner has insufficient funds

but early the error was: Insufficent number of new shares available. Please contact security issuer
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March 05, 2014, 09:55:43 PM
 #9

Don't know if this is another hack or just blatant acknowledgement that AltSwap was a scam on Cryptostocks:

Quote
[ALTSWAP] Altswap will be delisted tomorrow!
Hi investors,

Altswap shares will be delisted tomorrow. I'm sorry for your loss but we had a huge electricity bill for our servers this month and we spent the rest for alcohol and whores.

Faithfully
AltSwap Team

https://cryptostocks.com/announcements/995
If such things is posted by Altswap/Firemine's? projects it dosen't exactly increase confidence in how Altswap/Firemine or Cryptostocks is handling things whoever is behind it.

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March 05, 2014, 10:24:52 PM
 #10

Confirmed.  I too just tried upgrading my existing shares to mineco and got the same error message.  This is definitely smelling fishy.

**I've sent e-mails to both firemine/altswap/mineco/and who knows what else owner...as well as crypto::stocks admin.  Neither has responded back Sad

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March 06, 2014, 10:51:05 PM
 #11

Why Cryptostocks seems not to do anything about this problems with firemine/altswap/mineco ?
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March 08, 2014, 06:05:34 PM
 #12

Why Cryptostocks seems not to do anything about this problems with firemine/altswap/mineco ?

Because there is nothing wrong with either CS, or the other listings.
firemine/altswap/mineco are run by the same guys.

They know there is nothing wrong, probably they messed up on their shares and accidentally sold what they had for a lame price.
They bagged everything, and now they are asking shareholders to
a) upgrade from altswap to firemine, because altswap will be delisted, then
b) upgrade from firemine to mineco, because again firemine will be delisted and

there is an announcement from them, now as mineco, alerting everyone at cryptostocks to not buy mineco shares because mineco will be delisted.

Scammers will scam.

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March 14, 2014, 11:28:40 PM
 #13

LOL

saw the share price drop and picked up around 300 Firemine shares for next to nothing. Had no idea what was going on. Upgraded one to mineco, and was able to sell some of the Firemine for 5x-6x what I bought them for just before trading was stopped.

I'm now stuck with like 289 Firemine, and 1 MineCO.

What the fuck is going on  Huh

Would at least like some information from cryptostocks admins.

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March 16, 2014, 04:38:44 PM
 #14

Hello,

Anyone interested in a Class Action Lawsuit to recover our stolen BTC?? I brought it up at the following link:

https://bitcointalk.org/index.php?topic=504448.msg5730121#msg5730121

May need to create a new thread when there is enough interest.

Good Luck Everyone!!!

Thomas F.
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August 09, 2014, 02:50:46 PM
 #15

I have been emailing their support department at Crypto::Stocks... customerservice@cryptostocks.com

I have a log-in issue and I cannot get into my account. They do not answer the emails. It has be a few weeks now. I keep sending new emails asking them why they do not answer? They seem to be ignoring me or they are not reading their emails.

ES
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August 09, 2014, 03:27:12 PM
 #16

they're ignoring everyone now... and people are jumping ship because of it...

2 more scam listings just recently completed their rip-off of the investors this past week, too...

wouldn't surprise me if he got a cut.

=squeak=

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